New £20 notes

Katykat

I have some old notes and I know there are less than 5 months left to spend them. However, everyone now wants us to use cards for purchases. I’m in 12 weeks lockdown so can’t get to the bank to deposit them. Is there likely to be an extension to this deadline?

vacheron

You should be able to deposit them at a bank for many years after they are officially withdrawn.

AstonSmith

The withdrawal of the previous £20 note hasn't been announced yet, and I imagine it won't be anytime soon.

From the Bank of England website:

• Our new polymer £20 note entered circulation on 20 February 2020
• Don’t worry, you can still use the paper £20 note for now
• We’ll give you 6 months’ notice of the date you’ll no longer be able to use the paper £20
  

pinkdalek

There has been no annoucement, the BOE will give 6 months notice - this is for how long they are still accepted in shops.  Banks will take the old notes for years to come, stop panicking.

NedS

I'm guessing you will be able to use them in shops for a significant amount of time yet. I was guesstimating they may withdraw them at the end of this year at the earliest, and more likely early in 2021. I will hazard a guess that the 6 month announcement will now be put back as the natural withdraw rate of notes in circulation will have dramatically reduced as a result of covid-19.

I'm assuming the BoE were/are waiting for a certain percentage of notes in circulation to have been exchanged and withdrawn before announcing the 6 month notice of withdraw in order to get the final percentage out of circulation. The amount of time for that to happen must now have increased.

But only the BoE really knows and they are not giving any timescales other than at some point there will be 6 months notice.

Richie-from-the-Boro

Download application form. Fill it in copy of ID and address. Vacheron.is right years: info here;
https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

henm2

'I have some old notes and I know there are less than 5 months left to spend them.'. Misleading. No withdrawal date announced yet. The old notes are still legal tender. Carry on using them. 

hermante

Legal tender has nothing to do with whether notes can be used.

mgdavid

hermante said:

Legal tender has nothing to do with whether notes can be used.

certainly does - try using a note once it's no longer legal tender

Tildaplum

the central bank will always give you 20 pounds for your note no matter how far in the future - in fact they promise to do that on demand.

Richie-from-the-Boro

The words 'I promise to pay the bearer on demand the sum of....' which continue to appear on our banknotes, date from the days when our banknotes were backed by gold, and meant that the Bank of England undertook to exchange any banknotes paid in by the public with gold to the same value. This is no longer the case, however, and these days our banknotes are backed by securities. 'I promise to pay the bearer..' holds true today including in respect of

1) Any out of date (ie withdrawn) Bank of England notes, and
2) Current defaced, torn or in any other sense 'mutilated' Bank of England notes